There is growing recognition of the importance of financial security in the workplace in the GCC, with the average age of those with income protection falling to 41 from 51 over the last three years, according to Zurich International Life Insurance Middle East, a subsidiary of Zurich Insurance Group.
Listed GCC insurers saw overall earnings decline in 1Q2025, with net profits slipping by 1.4% to $628m from $637m in 1Q2024, according to a report by research and consulting firm Insurance Monitor and Lux Actuaries and Consultants.
Despite headwinds including severe weather and the UAE's new 9% corporate tax, 78 listed GCC insurers reported a total after-tax profit of $2.1bn in FY2024, according to the latest "GCC Performance Periodical" by research and consulting firm Insurance Monitor and Lux Actuaries and Consultants.
Government initiatives to tap funding from the Gulf Cooperation Council (GCC) countries and Islamic multilateral institutions, diversifying the financial sector and boosting financial inclusion, could support the growth of the Islamic finance industry in Central Asia, Fitch Ratings has indicated.
Demand for Islamic finance will continue to rise as strong economic activity in the Gulf Cooperation Council (GCC) and Southeast Asia is supported by diversification agendas, investment inflows and population growth, reported Bernama News Agency quoting a Moody's Ratings (Moody's) report.
Insurance demand in most GCC countries is expected to increase this year, according to S&P Global Ratings credit analyst Emir Mujkic.
The GCC healthcare industry is poised for strong growth driven by macro-economic factors, the expansion of mandatory health insurance and a growing and ageing population, according to UAE-based Alpen Capital, an investment banking advisory firm.
The 60th meeting of the technical committee of civil retirement and social insurance agencies in the Gulf Cooperation Council (GCC) countries is currently on in Riyadh, Saudi Arabia. The meeting is being held from 13 to 15 January 2025.
Saudi Arabia is expected to see an increase in mergers and acquisitions (M&A) in its insurance sector as the GCC region enters a significant consolidation phase.
The latest financial results of 77 listed insurers across the GCC reveal a general decline in underwriting performance, with the Net Combined Ratio (NCR) rising by 1.3 percentage points, according to the "Q3 2024: GCC Performance Periodical" by Insurance Monitor in association with Lux Actuaries and Consultants.